The Insurance Authority on Tuesday granted new authorization to CNNC Captive Insurance Limited set up by the China National Nuclear Corporation, bringing the total number of such companies based in Hong Kong to seven.
Captive Insurance refers to companies setting up their own insurance subsidiaries to underwrite risks. This move marked the first captive authorized in 2026, undercoring Hong Kong's position as an international risk management centre.
Clement Cheung Wan-ching, Chief Executive of the IA, said, “We are encouraged by formation of the CNNC Captive Insurance Limited and will actively develop potential opportunities in the Chinese Mainland as well as other parts of Asia, introducing to stakeholders the unique value proposition of Hong Kong.”
Last year, Wayfoong (Asia) Limited, a wholly-owned subsidiary and captive insurer of HSBC(0005) in Hong Kong, as well as SAIC Motor Insurance Limited, a captive insurer of SAIC Motor Corporation Limited, were granted authorisation to operate in the city.
